Kathrein Mandatum 15 USD

Fund report as of 06/04/2020

The Kathrein Mandatum 15 USD is an international mixed umbrella fund investing about 15% of its funds in equity funds and 85% in USD-bond funds, government bonds of the United States of America and in highly rated bonds of international debtors issued in USD. The equity funds managed by Kathrein Privatbank is based on quantitative models. The selection of the shares is based on quantitative models combining and analysing factors such as key figures, price trends and profit forecasts. The equity fund range is supplemented by Russell Multi-Style, Multi-Manager funds. Also the management of maturities of the bond portion is carried out on a quantitative basis by means of the USD "Duration Optimizer", which assumes that capital market interest rates are governed by business cycles of the economy and long term trends. Moreover, active currency management further optimises the profit opportunities.

Aktien

Cash

2.50 %

Cash

2.50 %

Alternativen

0.38 %

Kathrein Max Return

0.38 %

Sonstige

-0.05 %

Sonstige

-0.05 %

Performance is calculated in accordance with the OeKB method and expressed as a percentage, assuming reinvestment of dividends. Charges such as management fees or other costs charged against the assets of the fund are included, whereas front-end loads (up to 5.00% of the capital invested) have not been included. This will reduce performance proportionate to the specific amount of capital invested. Past performance is not a reliable indicator of future developments of the fund. Tax treatment depends on the investor’s personal situation and may be subject to future changes. If the local currency of the investor is different from the base currency of the fund, the performance for the individual investor also depends on the development of the relevant exchange rate. *Sharpe ratio: This key figure compares the historical excess return over money market with its historical volatility. It characterizes how well the return of an asset compensates for the risk taken.

Portfolio manager comments as of May 2020

The European Commission proposed a EUR 750bn reconstruction fund towards the end of the month, which supported the euro, boosted European equity markets and led to a decline in yields on the euro periphery. In May, however, stock markets around the world continued their upward trend. Continued easing measures and interim success stories from medical research gave investors renewed confidence. The economic figures, on the other hand, are only gradually revealing the full extent of the economic damage. Retail sales in the U.S., for example, fell by 11.2% in April, the sharpest decline since records began in 1919, while the average of analysts who publish their forecasts on Bloomberg expects eurozone growth to decline by -7.6% in 2020 and recover to +5% in 2021. The USA is expected to fall by 5.7% and rise by 3.9% in 2021. On the other hand, the race riots and the continuing rise in tension between the US and China did not affect the markets in May.

** 'Current charges' includes the management fee and all fees charged during the previous year. Transaction costs and performance fees are not included in 'current charges'. 'Current charges' can vary from one year to the next. The annual report of the fund includes details about any fees charged (sub-item 'expenses').This document is for advertising purposes only and does not constitute an offer or recommendation for the purchase or sale of financial instruments. The published prospectus as well as the key investor information document pertaining to this investment fund can be accessed in German at www.rcm.at or requested from Kathrein Privatbank Aktiengesellschaft. Despite thorough research and collection of data, Kathrein Privatbank Aktiengesellschaft does not assume liability for nor does it guarantee the accuracy of the data presented.